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Master Bailee Agreement

Master Bailee Agreement

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Published by Mary Cochrane

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Published by: Mary Cochrane on Nov 29, 2012
Copyright:Attribution Non-commercial


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Form of Bailee Letter (Warehouse Bank)Exhibit XI-6 (MBS/DUS)
Fannie Mae DUS Guide
Page 109/03/96
Federal National Mortgage Association
[insert address for Fannie Mae as specifiedin Part IV, Section 301 of the DUS Guide]
 Re: Fannie Mae DUS Commitment Contract No.: _______Borrower: ____________________________________Unpaid Principal Balance of Noteas of ____________, 19 : $_____________________Date of Note: _________________________________Project Location: ______________________________Ladies and Gentlemen:In compliance with the requirements of the Delegated Underwriting and Servicing Guide and theabove referenced loan Commitment Contract (the "Commitment"),
[insert name of DUS Lender]
 (the "DUS Lender") has requested that
[insert name of warehouse bank]
(the "Bank") deliver toFederal National Mortgage Association ("Fannie Mae") the original Multifamily Note (the "Note")evidencing the captioned loan, together with originals of certain other documents indicated in theTable of Contents for Mortgage Loan Delivery Package (the "Additional Documents") with respectto such loan. By this letter the DUS Lender and the Bank advise Fannie Mae that the DUS Lenderhas granted a security interest in the Note and Additional Documents to the Bank.The Bank warrants to Fannie Mae that the Bank has not (a) assigned or transferred the Note andAdditional Documents to any other party or (b) recorded its security interest in such Note andAdditional Documents. During the period in which Fannie Mae holds the Note and AdditionalDocuments as bailee, as described below, the Bank will not assign or transfer the Bank's interest insuch Note and Additional Documents or record such security interest.Fannie Mae holds the Note and Additional Documents as bailee for the benefit of the Bank until (i)Fannie Mae delivers the Mortgage Backed Security (as defined below) by wire transfer inaccordance with the delivery instructions specified on Form 2014, a copy of which is attached, or(ii) Fannie Mae returns to the Bank, as set forth below, the Note and any Additional Documentsdelivered by the Bank. The Bank agrees that the Bank's security interest in the Note and AdditionalDocuments shall terminate and be cancelled without further action upon delivery by Fannie Mae of 
Form of Bailee Letter (Warehouse Bank)Exhibit XI-6 (MBS/DUS)
Fannie Mae DUS Guide
Page 209/03/96the Mortgage Backed Security as described in (i) above. In the event that Fannie Mae does notissue the security in exchange for the Note, Fannie Mae will execute and deliver to the Bank anassignment, in recordable form, of the Mortgage (Deed of Trust) securing the Note and will endorsethe Note in blank but without recourse (assuming the Note has been endorsed to Fannie Mae); andthe Bank agrees that Fannie Mae's status as bailee for the Bank shall terminate and be cancelledwithout further action upon delivery to the Bank of the Note (endorsed as aforesaid) and AdditionalDocuments, as described in (ii) above, together with such executed assignment of the Mortgage(Deed of Trust).The "Mortgage Backed Security" means the Fannie Mae Guaranteed Mortgage Pass-ThroughCertificate in the amount that Fannie Mae, pursuant to the Commitment and the DelegatedUnderwriting and Servicing Guide, agrees to pay in consideration for the Note. The Bank and theDUS Lender recognize and agree that the amount of the Mortgage Backed Security may be lessthan the full principal amount of the Note, and that the DUS Lender may have paid or advancedother funds to Fannie Mae in connection with the Commitment that are not included in theMortgage Backed Security.The Bank and the DUS Lender agree that the standard of care to be exercised by Fannie Mae inholding the Note and Additional Documents shall be to exercise the same degree of care and skillas Fannie Mae exercises when it holds mortgage loan documents on its own behalf. The Bank andthe DUS Lender understand that Fannie Mae is a bailee only and is not a representative, trustee orfiduciary or otherwise an agent, of or for the Bank or the DUS Lender with respect to the Note andthe Additional Documents.The DUS Lender has submitted Mortgage Backed Security delivery instructions to Fannie Mae onForm 2014, a copy of which is attached. No change in such instructions shall be requested by theDUS Lender, without the consent of the Bank, and no change shall be honored by Fannie Maeunless the Bank has consented to such change. Delivery of the Mortgage Backed Security byFannie Mae pursuant to such instructions is acceptable to the Bank and will suffice to terminate theBank's security interest as described above.In recognition of the security interest held by the Bank in the Note and Additional Documents andFannie Mae's status as bailee with respect thereto unless and until Fannie Mae has delivered theMortgage Backed Security as described above, the Note and Additional Documents shall not bedelivered by Fannie Mae to a third party.In the event that Fannie Mae does not purchase the Note, the Note and Additional Documents

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